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Consumer Advice

unblock

(55,380 posts)

3. Appraised value and assessed value can be very different

Reply to no_hypocrisy (Original post)

Fri Oct 26, 2018, 09:55 PM

Oct 2018

In some places assessed value is a fraction of market value, where I live i think it's 70% but it could be lower in other places.

Then there are timing differences, the assessed value could be based on when the market in the area was terrible compared to when the appraised value was.

Then, a loan could be based in part on intended improvements that wouldn't go into an assessment yet.

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Why would a big bank like Wells Fargo [View all] no_hypocrisy Oct 2018 OP

when was the loan originated? lapfog_1 Oct 2018 #1

2008 just before "The Crash" no_hypocrisy Oct 2018 #5

That says it all . PoindexterOglethorpe Oct 2018 #8

yup... hence the question... and that's the explanation. lapfog_1 Oct 2018 #9

Did she once pee on a bed in Moscow? Only explanation I can think of. dameatball Oct 2018 #2

Appraised value and assessed value can be very different unblock Oct 2018 #3

Did someone involved get a commission based on the amount of the loan? n/t PoliticAverse Oct 2018 #4

Don't know. Only have the actual document. no_hypocrisy Oct 2018 #6

The assessed value has nothing to do with current market. Socal31 Oct 2018 #7

OK, for those of you who make a good argument about assessed and market values no_hypocrisy Oct 2018 #10